Assembly Bill A9585

2023-2024 Legislative Session

Relates to interest rate limitations for financing arrangements and the extension of credit

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2023-A9585 (ACTIVE) - Details

See Senate Version of this Bill:
S9275
Current Committee:
Assembly Banks
Law Section:
General Obligations Law
Laws Affected:
Amd §§5-501, 5-511, 5-513, 5-517 & 5-524, Gen Ob L; amd §§14-a, 340 & 351, Bank L; amd §§190.40 & 190.42, Pen L; amd §508, Pers Prop L

2023-A9585 (ACTIVE) - Summary

Provides interest rate limitations for financing arrangements and the extension of consumer credit; relates to the definitions of criminal usury in the first and second degrees; relates to the functions of the attorney general regarding rental purchase agreements.

2023-A9585 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9585
 
                           I N  A S S E M B L Y
 
                              March 21, 2024
                                ___________
 
 Introduced  by  M.  of  A.  WEINSTEIN  --  read once and referred to the
   Committee on Banks
 
 AN ACT to amend the general obligations law  and  the  banking  law,  in
   relation  to  limitations  of rates of interest for financing arrange-
   ments and the extension of consumer credit; to amend the penal law, in
   relation to criminal usury; and to amend the personal property law, in
   relation to certain functions of the attorney general
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subdivisions 1, 2, 4, 4-a, 6 and 7 of section 5-501 of the
 general obligations law, subdivisions 1, 2 and 4 as amended  by  chapter
 883 of the laws of 1980, subdivision 2 as further amended by section 104
 of part A of chapter 62 of the laws of 2011, subdivision 4-a as added by
 chapter 721 of the laws of 1976, subdivision 6 as amended by chapter 369
 of  the  laws  of  1980 and subdivision 7 as added by chapter 296 of the
 laws of 1983, are amended and two new subdivisions 1-a and 8  are  added
 to read as follows:
   1. The rate of interest, as computed pursuant to this title, [upon the
 loan  or  forbearance  of  any  money,  goods,  or  things in action] IN
 CONNECTION WITH ANY FINANCING ARRANGEMENT, except as provided in  subdi-
 visions  five and six of this section [or as otherwise provided by law],
 shall be six per centum per annum unless a different rate is  prescribed
 in section fourteen-a of the banking law.
   1-A. FINANCING ARRANGEMENT IS DEFINED TO INCLUDE LOANS, FORBEARANCE OF
 ANY  MONEY,  GOODS  OR THINGS IN ACTION, AND ALL OTHER TRANSACTIONS THAT
 INVOLVE THE LENDING OR ADVANCING OF MONEY, GOODS OR THINGS IN ACTION FOR
 AN AMOUNT CHARGED, TAKEN OR RECEIVED, AND ALL TRANSACTIONS THAT  OPERATE
 AS  SUBSTITUTES  FOR  SUCH PRODUCTS, INCLUDING BUT NOT LIMITED TO RETAIL
 INSTALLMENT CONTRACTS, MERCHANT CASH ADVANCES, INVOICE FINANCING, REVEN-
 UE-BASED FINANCING, EARNED WAGE ACCESS OR SIMILAR  WAGE  ADVANCE  TRANS-
 ACTIONS,  LEASE- OR RENT-TO-OWN ARRANGEMENTS, RENTAL-PURCHASE AGREEMENTS
 AS DEFINED IN SUBDIVISION SIX OF SECTION FIVE HUNDRED  OF  THE  PERSONAL
 PROPERTY  LAW,  BUY-NOW PAY-LATER TRANSACTIONS, FINANCING FOR LITIGATION
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13528-02-3
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.